https://www.taxtmi.com/caselaws?id=795909 For inherited property, fair market value as on 01.04.1981 may replace cost of acquisition under Section 55(2)(b) where no contrary material challenges the claimed value. Claimed improvement expenditure may be accepted when the Assessing Officer's estimate lacks a proper valuation exercise or reference under Section 55A and available valuation evidence supports substantial construction. Section 54 deduction covers capital gains actually invested in purchase or construction of a residential house by the extended return-filing date under Section 139(4); non-deposit in the Capital Gains Account Scheme by the Section 139(1) due date does not defeat the deduction. Capital-gains computation is accordingly revised using the substituted acquisition value, accepted improvement cost, and full residential-investment deduction. en-us Mon, 06 Apr 2026 00:00:00 +0530 Wed, 29 Jul 2026 08:21:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795909 For inherited property, fair market value as on 01.04.1981 may replace cost of acquisition under Section 55(2)(b) where no contrary material challenges the claimed value. Claimed improvement expenditure may be accepted when the Assessing Officer's estimate lacks a proper valuation exercise or reference under Section 55A and available valuation evidence supports substantial construction. Section 54 deduction covers capital gains actually invested in purchase or construction of a residential house by the extended return-filing date under Section 139(4); non-deposit in the Capital Gains Account Scheme by the Section 139(1) due date does not defeat the deduction. Capital-gains computation is accordingly revised using the substituted acquisition value, accepted improvement cost, and full residential-investment deduction. Case-Laws Income Tax Mon, 06 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795909